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I own a preschool. can i deduct amounts that we were not paid for by the parents?

is bad debt a business deduction

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DDollar
Expert Alumni

I own a preschool. can i deduct amounts that we were not paid for by the parents?

No, you cannot claim amounts you were not paid, unless you are on an accrual basis and you had already reported the amounts as revenue.  Individual taxpayers are on a Cash basis. 

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DDollar
Expert Alumni

I own a preschool. can i deduct amounts that we were not paid for by the parents?

No, you cannot claim amounts you were not paid, unless you are on an accrual basis and you had already reported the amounts as revenue.  Individual taxpayers are on a Cash basis. 

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